Global Solar Street Lighting Market Analysis
According to Market Research, The Global Solar Street Lighting Market was valued at USD 6.26 Billion in 2018 and is projected to reach USD 22.34 Billion by 2026, growing at a CAGR of 22.57% from 2018 to 2025.
Solar street lights are the light sources that are prominently used for outdoor lighting and use solar power as their primary source of energy. These lights are powered by photovoltaic panels. With the demand for continuous power increasing in both developing and developed regions, the prospect for solar street lighting market is expanding. Other aspects such as technological innovations in the design of street lighting have led to a reduction in solar lightening components, which make them a suitable alternative to the traditional street light.
Global Solar Street Lighting Market Outlook
The fundamental dynamics of the market include drivers, restraints, opportunities, and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
With governments of various regions encouraging the installation of solar street lights, the market for the solar street lighting market is growing. This factor, as well as the cost efficiency and the environmentally friendly nature of the solar lighting systems, are driving the market. Other factors such as the high maintenance required for the upkeep of the solar lighting systems along with the large initial investment that is required is restraining the growth of the overall market.
In the long term, rising potential of solar technologies coupled with growing demand for clean energy sources will drive the industry growth. Solar Street Lights will be a required alternative for companies and municipalities.
Post time: Oct-28-2019